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Housing Supply Decreases... Good for MarketPosted by Jim Berg Team on Monday, April 23rd, 2012 at 12:55pm.
In the latest release of the National Association of Realtors' Existing Home Sales report, there were some very interesting facts. The NAR said the pace of sales in the first three months of the year marked the strongest first quarter since 2007.
But the best news is the inventory data. The nation's glut of unsold homes is easing, as inventories fell to 2.37 million. Realtors in some markets have even reported shortages of housing stock. A decrease in the amount of homes on the market is always good for housing as it stabilizes and even drives prices upward. Nationwide, the median price for a home resale rose to $163,800 in March, up 2.5 percent from a year earlier.
An improving labor market has realtors upbeat about sales prospects for the rest of the year.Distressed home sales accounted for only 29 percent of resales, down from 34 percent in February, which is also a very positive trend.
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